Republicans in Congress are attempting to change the Congressional Budget Office's (CBO) accounting method for evaluating the cost of extending Trump’s 2017 tax cuts, aimed predominantly at the ultra-wealthy. Currently, these cuts are viewed under the 'current law' metric, which estimates a cost of about $4.6 trillion over a decade. The proposed 'current policy' metric could misleadingly suggest these tax cuts entail no additional budgetary impacts, enabling Republicans to claim a $0 cost for extending these cuts. This proposal has garnered support from key GOP figures, including Sen. Mike Crapo and Speaker Mike Johnson, enhancing their budgetary strategies.
Republicans are signaling they want to change how the CBO calculates the cost of extending Trump’s 2017 tax cuts, proposing a method that suggests no additional costs.
Sen. Mike Crapo supports the change, stating it "recognizes that extending current law does not change the tax policy, does not reduce tax revenue."
Speaker Mike Johnson expressed favor for switching to 'current policy,' suggesting it impacts calculations beneficially.
Employing the 'current policy' metric means tax cuts for the wealthy could be seen as a renewal, not creating new debt.
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